Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”)
take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of thisannouncement.
Under our weighted voting rights structure, our share capital comprises Class A ordinary shares and Class B ordinary shares.
Each Class A ordinary share entitles the holder to exercise one vote, and each Class B ordinary share entitles the holder toexercise 20 votes, respectively, on any resolution tabled at our general meetings, except as may otherwise be required by law
or provided for in our Memorandum and Articles of Association. Shareholders and prospective investors should be aware of
the potential risks of investing in a company with a weighted voting rights structure. Our American depositary shares, each
representing two of our Class A ordinary shares, are listed on the Nasdaq Global Select Market in the United States under thesymbol JD.

JD.com, Inc.
京東集團股份有限公司(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)(Stock Code: 9618)

ANNOUNCEMENT OF
THE FIRST QUARTER 2023 RESULTS
We hereby announce our unaudited results for the three months ended March 31, 2023(“First Quarter 2023 Results”). The announcement for the First Quarter 2023 Results are available
for viewing on the websites of the Hong Kong Stock Exchange at www.hkexnews.hk and our
website at http://ir.jd.com.
By Order of the Board of Directors
JD.com, Inc.
Mr. Richard Qiangdong Liu
Chairman of the Board of Directors
Beijing, China, May 11, 2023
As at the date of this announcement, our board of directors comprises Mr. Richard Qiangdong LIU as the chairman, Ms. Sandy
Ran XU as the executive director, Ms. Caroline SCHEUFELE, Ms. Carol Yun Yau LI, Mr. Ming HUANG, Mr. Louis T. HSIEH,
and Mr. Dingbo XU as the independent directors.

1

JD.COM ANNOUNCES FIRST QUARTER 2023 RESULTS
Beijing, China — May 11, 2023 — JD.com, Inc. (NASDAQ: JD and HKEX: 9618), a leading
supply chain-based technology and service provider, today announced its unaudited financial results
for the quarter ended March 31, 2023.
First Quarter 2023 Highlights•

Net revenues for the first quarter of 2023 were RMB243.0 billion (US$135.4 billion), an
increase of 1.4% from the first quarter of 2022. Net service revenues for the first quarter of2023 were RMB47.4 billion (US$6.9 billion), an increase of 34.5% from the first quarter of
2022.

•

Income from operations for the first quarter of 2023 was RMB6.4 billion (US$0.9 billion),compared to RMB2.4 billion for the same period last year. Non-GAAP2 income fromoperations was RMB7.9 billion (US$1.1 billion) for the first quarter of 2023, as compared to
RMB4.7 billion for the first quarter of 2022. Operating margin of JD Retail before unallocateditems for the first quarter of 2023 was 4.6%, compared to 3.6% for the first quarter of 2022.

•

Net income attributable to the company’s ordinary shareholders for the first quarter of2023 was RMB6.3 billion (US$0.9 billion), compared to a net loss of RMB3.0 billion forthe same period last year. Non-GAAP net income attributable to the company’s ordinary
shareholders for the first quarter of 2023 was RMB7.6 billion (US$1.1 billion), as compared to
RMB4.0 billion for the same period last year.

•

Diluted net income per ADS for the first quarter of 2023 was RMB3.93 (US$0.57), compared
to a diluted net loss per ADS of RMB1.92 for the first quarter of 2022. Non-GAAP diluted net
income per ADS for the first quarter of 2023 was RMB4.76 (US$0.69), compared to RMB2.53
for the same period last year.

“JD saw strong growth in profitability in the first quarter as we continued to streamline ouroperations, optimize our product portfolio and expand our service offerings,” said Lei Xu, CEO of
JD.com. “In the quarters ahead, we will further enhance our business structure in order to drive theexpansion of our user base throughout China. JD.com has built China’s most trusted brand in retail,and is uniquely positioned to provide our loyal user base with the superior quality, value, speed andselection they have come to expect, while maintaining the flexibility to seize upon multiple growth
opportunities across our businesses.”

1

2

The U.S. dollar (US$) amounts disclosed in this announcement, except for those transaction amounts that were actually
settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into
US$ in this announcement is based on the exchange rate set forth in the H.10 statistical release of the Board of Governorsof the Federal Reserve System as of March 31, 2023, which was RMB6.8676 to US$1.00. The percentages stated in thisannouncement are calculated based on the RMB amounts.
See the sections entitled “Non-GAAP Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” formore information about the non-GAAP measures referred to in this announcement.
2

“During the first quarter, we were pleased to see service revenues grow to account for 20% of
our total revenues, helping deliver strong margins and reflecting our success in attracting a record
number of third-party merchants to the JD.com platform,” said Sandy Xu, Chief Financial Officer
of JD.com. “We also see more encouraging trends in Q2, both financially and operationally, as wepush forward our proactive adjustment. Looking ahead, we will continue to focus on the qualityof our businesses while providing a superior platform for our merchants and suppliers in terms of
exposure, traffic and lower costs, in order to drive sustainable growth for the long term.”
Business Highlights
Environment, Social and Governance•

In January, JD Health actively contributed to support the epidemic prevention in rural areas.
Together with the National Rural Revitalization Administration and the People’s Daily, JD
Health launched an anti-epidemic project that provided approximately six million packs of antiepidemic medication to over 20,000 clinics, pharmacies, and other medical channels at county
and village level across the country. JD Health endeavors to enhance the medicine supply
capabilities in rural areas, and enable more people there to have easy access to medicinesanytime at nearby locations.

•

On May 5, 2023, Fortune released the “2023 China ESG Impact List.” JD.com was namedon the list for two consecutive years, together with other 39 companies. This is a testament to
JD’s outstanding ESG efforts in the past year in building green supply chain, fighting against
COVID and ensuring supplies, and supporting employee well-being.

JD Retail•In March, JD.com launched its first county-level home appliance and home goods store
in Jintang county, Sichuan province. Targeting a differentiated “home scenario,” the store
provides a diversified product portfolio of home appliances and home goods and creates anintegrated home solution better adapted to the needs of consumers in lower-tier markets. In
addition, JD.com launched a new home appliance and electronics flagship store in Chengdu,
offering more than 100,000 SKUs. Through its innovative online and offline integration model,
JD MALL, JD home appliance and electronics city-level flagship stores, JD Home ApplianceStores and other offline stores have achieved equal SKU selection, price and service compared
to its online channel.

•

In February, Tesla launched its official flagship store on JD.com, offering a variety of auto
products, including charging equipment, premium accessories, selected apparel and otherproducts totaling over 200 SKUs. Going forward, JD will further leverage its omnichannel
advantages to promote the development of Tesla’s online store on its platform.

•

In March, Longines, a renowned Swiss watchmaking brand, launched its official flagshipstore on JD.com, offering consumers a diverse collection of new and classic products. Byleveraging JD’s intelligent supply chain capabilities, the ecosystem of authentic products,
logistics fulfillment, and high-quality service assurance, JD will continue to build an efficient
operating environment for business partners, while providing consumers best-in-class shopping
experience.
3

JD Health•

In February, JD Health further enhanced its service capability for rare diseases, and expand theaid scale to approximately 20 million patients in China by launching the new “doctor-searching
map for rare diseases.” JD Health also formed a strategic collaboration with Bo’ao Winhealth
Rare Disease Medical Center to effectively reduce the financial burden for rare disease patients.

•

In February, JD Health officially announced the establishment of the intelligent medical engine
on its online healthcare service platform, which leverages the latest internet and AI technologies
and places medical values as fundamentals. The engine aims to improve the efficiency andquality of doctors’ online diagnosis and treatment, and establishes JD Health Internet Hospitalas the first “integrated medical education and research” internet hospital in China.

•

During the first quarter, JD Health signed strategic cooperation agreements for 2023 with global
pharmaceutical and healthcare brands including H&H Group, Tongrentang Health, and Abbott
Medical Nutrition. JD Health also reached a strategic partnership with Zoetis Inc., a leading
global animal healthcare company, to delve more deeply into the pet healthcare market throughcomprehensive cooperation and provide quality pet vaccines and medications to customers in
China. Going forward, JD Health will further strengthen its supply chain capabilities, optimize
and open up its ecosystem, and continue to promote its omnichannel initiative, with the goal ofachieving quality growth together with its partners and merchants.

JD Logistics•

In February, JD Logistics and Master Kong Holdings Limited signed a strategic cooperationagreement on “Intelligent Supply Chain Transformation.” Under the agreement, the two parties
will leverage technological and digital tools to cooperate closely on supply chain consultationand planning, warehouse network planning, intelligent logistics, refined management, andexploration of differentiated service models, among others. The cooperation aims to improve
the service quality and customer experience across omni-channels and diversified scenarios
along the supply chain, and drive the transformation of integrated supply chain for the FMCG
industry.

•

In the first quarter, JD Logistics announced the opening of its third self-operating warehouseand distribution center in California, United States. The new warehouse, together with theother existing ones, each of which with different functional positioning, have expanded JD
Logistics’s warehousing footprint to 1.3 million square feet in the U.S., and further enhanced
JD Logistics’s supply chain service capabilities overseas.

4•As of March 31, 2023, JD Logistics operated over 1,500 warehouses. Including warehouse
space managed through the Open Warehouse Platform, JD Logistics’s warehouse network had
an aggregate gross floor area of over 31 million square meters.3

JD Industrials•

In the first quarter, JD Industrials continued to drive the application of intelligent supply chain
for industrial enterprises, by leveraging its Industrial Performance Neuroscience Programme(“IPNP”) that consists of a set of technological products and aims to integrate the up- anddown-stream along the industrial supply chain to act as a “neural network.” For example, inthe cooperation JD Industrials’ IPNP helps Foxconn to standardize massive SKU parameters,
mitigate inventory risk and related cost of capital, and enable Foxconn’s suppliers withintelligent decision-making capabilities and improve the efficiency of the supply chain.

Dada•

On March 30, 2023, JDDJ were among the first sales channels to launch the new Huawei
P60 models. As Huawei’s official on-demand retail partner, JDDJ has had more than 2,000
Huawei authorized stores joining its platform that cover more than 260 cities in China to ensure
adequate inventories to better address customer demands. JD.com’s on-demand retail has
become an important sales channel for new mobile phone models and digital products with highrecognition among brands and merchants.

•

In April, YeeHoO, a high-end daily necessities brand for infants and children in China, initiatedan in-depth collaboration with JDDJ. There have been more than 200 YeeHoO offline storesin China launched on JD App and JDDJ App, providing one-hour delivery services. The twoparties will also work together to drive the digital transformation of offline stores, explore
new growth models for omni-channel business, and provide consumers on-demand shopping
experience of “online ordering, offline shipping, and one-hour or faster delivery of apparel for
infants and youngsters.”•

Since its launch in July 2021, Dada’s autonomous delivery service platform has leveraged its
advantages as a standardized open platform and built numerous on-demand delivery scenariosand strong capabilities in order distribution, route planning, human-vehicle interaction, andlast-mile delivery. In collaboration with unmanned vehicle developers, the platform has been
applied by 7Fresh, Yonghui and Sam’s Club. As of March 31, 2023, the platform has supporteddeliveries of over 100,000 supermarket orders, further strengthening its leading position inautonomous delivery for supermarkets in China.

3

The numbers also include warehouses managed by Deppon Logistics Co., Ltd. (“Deppon”, Shanghai Stock Exchange code:
603056) and its subsidiaries (collectively, “Deppon Group”). In the third quarter of 2022, JD Logistics completed theacquisition of the controlling interest in Deppon and began to consolidate its financial results.
5

First Quarter 2023 Financial Results
Net Revenues. For the first quarter of 2023, JD.com reported net revenues of RMB243.0 billion(US$35.4 billion), representing a 1.4% increase from the same period of 2022. Net productrevenues decreased by 4.3%, while net service revenues increased by 34.5% for the first quarter of2023, as compared to the same period of 2022.
Cost of Revenues. Cost of revenues increased by 0.4% to RMB206.9 billion (US$30.1 billion) for
the first quarter of 2023 from RMB206.2 billion for the first quarter of 2022.
Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing,delivery, customer service and payment processing expenses, decreased by 0.7% to RMB15.4
billion (US$2.2 billion) for the first quarter of 2023 from RMB15.5 billion for the first quarter of2022. Fulfillment expenses as a percentage of net revenues was 6.3% for the first quarter of 2023,
compared to 6.5% for the same period last year.
Marketing Expenses. Marketing expenses decreased by 8.0% to RMB8.0 billion (US$1.2 billion)
for the first quarter of 2023 from RMB8.7 billion for the first quarter of 2022.
Research and Development Expenses. Research and development expenses decreased by 4.5%
to RMB4.2 billion (US$0.6 billion) for the first quarter of 2023 from RMB4.4 billion for the firstquarter of 2022.
General and Administrative Expenses. General and administrative expenses was RMB2.5 billion(US$0.4 billion) for the first quarter of 2023, kept relatively steady as compared to RMB2.5 billion
for the first quarter of 2022.
Income from Operations and Non-GAAP Income from Operations. Income from operations forthe first quarter of 2023 was RMB6.4 billion (US$0.9 billion), compared to RMB2.4 billion for thesame period last year. Non-GAAP income from operations was RMB7.9 billion (US$1.1 billion)
for the first quarter of 2023, as compared to RMB4.7 billion for the first quarter of 2022. Operating
margin of JD Retail before unallocated items for the first quarter of 2023 was 4.6%, compared to
3.6% for the first quarter of 2022.
Non-GAAP EBITDA. Non-GAAP EBITDA increased by 56.6% to RMB9.5 billion (US$1.4
billion) for the first quarter of 2023 from RMB6.1 billion for the first quarter of 2022.
Share of Results of Equity Investees. Share of results of equity investees was a loss of RMB0.8
billion (US$0.1 billion) for the first quarter of 2023, as compared to RMB1.1 billion for the firstquarter of 2022. The loss for the first quarter of 2022 and 2023 was primarily due to share of losses
from certain equity investees.
Others, net. Other non-operating income was RMB2.8 billion (US$0.4 billion) for the first quarterof 2023, as compared to other non-operating loss of RMB3.9 billion for the first quarter of 2022.
The increase was primarily due to a loss of RMB3.6 billion recognized resulting from the change of
Dada’s share price prior to the closing of the acquisition of Dada in the first quarter of 2022, and thefair value change of investment securities.
6

Net Income/(Loss) Attributable to the Company’s Ordinary Shareholders and Non-GAAP Net
Income Attributable to the Company’s Ordinary Shareholders. Net income attributable to thecompany’s ordinary shareholders for the first quarter of 2023 was RMB6.3 billion (US$0.9 billion),compared to a net loss of RMB3.0 billion for the same period last year. Non-GAAP net income
attributable to the company’s ordinary shareholders for the first quarter of 2023 was RMB7.6 billion(US$1.1 billion), as compared to RMB4.0 billion for the same period last year.
Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS for the first quarter of2023 was RMB3.93 (US$0.57), compared to a diluted net loss per ADS of RMB1.92 for the firstquarter of 2022. Non-GAAP diluted net income per ADS for the first quarter of 2023 was RMB4.76(US$0.69), compared to RMB2.53 for the first quarter of 2022.
Cash Flow and Working Capital
As of March 31, 2023, the company’s cash and cash equivalents, restricted cash and short-term
investments totaled RMB203.2 billion (US$29.6 billion), compared to RMB226.2 billion as ofDecember 31, 2022. For the first quarter of 2023, free cash flow of the company was as follows:
For the three months ended
March 31,
March 31,
March 31,
2022
2023
2023
RMB
RMB
US$
(In millions)
Net cash used in operating activities
Less: Impact from JD Baitiao receivables includedin the operating cash flow
Less: Capital expenditures,
net of related sales proceeds
Capital expenditures for  development properties
Other capital expenditures*Free cash flow*

(3,485)(21,607)(3,146)(1,734)

(582)

(85)

(2,676)(902)(2,145)(1,068)

(312)
(156)

(8,797)(25,402)(3,699)Including capital expenditures related to the company’s headquarters in Beijing and all other CAPEX.

Net cash provided by investing activities was RMB16.7 billion (US$2.4 billion) for the first quarterof 2023, consisting primarily of the decrease in short-term investments, partially offset by cash paid
for capital expenditures.

7

Net cash provided by financing activities was RMB1.3 billion (US$0.2 billion) for the first quarterof 2023, consisting primarily of proceeds from JD Industrials’ non-redeemable series B preferredshare financing and net proceeds from bank loans, partly offset by cash paid for share repurchase.
In the first quarter of 2023, the company has repurchased approximately 3.8 million of its ADSs forapproximately RMB1.1 billion (US$0.2 billion) under its share repurchase program.
For the twelve months ended March 31, 2023, free cash flow of the company was as follows:
For the twelve months ended
March 31,
March 31,
March 31,
2022
2023
2023
RMB
RMB
US$
(In millions)
Net cash provided by operating activities(Less)/Add: Impact from JD Baitiao receivables
included in the operating cash flow
Less: Capital expenditures,
net of related sales proceeds
Capital expenditures for  development properties
Other capital expenditures
Free cash flow

46,32539,697

5,780

(467)

908

132

(14,563)(4,122)(16,974)(4,641)(2,471)(676)

27,17318,9902,765

Supplemental Information
The company reports four segments, JD Retail, JD Logistics, Dada and New businesses. JD Retail,including JD Health and JD Industrials, among other components, mainly engage in online retail,online marketplace and marketing services in China. JD Logistics includes both internal andexternal logistics businesses. Dada is a local on-demand delivery and retail platform in China. New
businesses mainly include JD Property, Jingxi and overseas businesses.

8

The table below sets forth the segment operating results:
For the three months ended
March 31,
March 31,
March 31,
2022
2023
2023
RMB
RMB
US$
(In millions)
Net revenues:
JD RetailJD Logistics
Dada
New businesses
Inter-segment eliminations*

217,524
27,351
688
5,756(11,664)

212,358
36,7282,576
3,450(12,156)

30,922
5,348
375
502
(1,770)Total consolidated net revenues

239,655

242,956

35,377

7,891
(661)
(191)
(2,386)

9,844(1,123)
(217)
(157)

1,433
(164)
(32)
(21)

—

472

69

Total segment operating income
Unallocated items**

4,653(2,244)

8,347(1,920)

1,216
(280)

Total consolidated operating income

2,409

6,427

936

Operating income/(loss):
JD RetailJD Logistics
Dada
New businesses  Including: gain on sale of development   properties*

The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD
Logistics to JD Retail, on-demand delivery and retail services provided by Dada to JD Retail and JD Logistics, and property
leasing services provided by JD Property to JD Logistics.

**

Unallocated items include share-based compensation, amortization of intangible assets resulting from assets and businessacquisitions, effects of business cooperation arrangements, and impairment of goodwill and intangible assets, which are notallocated to segments.

9

The table below sets forth the revenue information:
For the three months ended
March 31,
March 31,
March 31,
2022
2023
2023
RMB
RMB
US$
(In millions)Electronics and home appliances revenues
General merchandise revenues

118,368
86,048116,999
78,565

17,036
11,440Net product revenues

204,416

195,564

28,476

Marketplace and marketing revenues
Logistics and other service revenues

17,676
17,56319,06228,330

2,776
4,125

Net service revenues

35,23947,392

6,901

Total net revenues

239,655

242,956

35,377

Conference Call
JD.com’s management will hold a conference call at 8:00 am, Eastern Time on May 11, 2023,(8:00 pm, Beijing/Hong Kong Time on May 11, 2023) to discuss the first quarter of 2023 financial
results.
Please register in advance of the conference using the link provided below and dial in 15 minutes
prior to the call, using participant dial-in numbers, the Passcode and unique access PIN which
would be provided upon registering. You will be automatically linked to the live call after
completion of this process, unless required to provide the conference ID below due to regional
restrictions.
PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10030318-tfg7rc.html
CONFERENCE ID: 10030318
A telephone replay will be available for one week until May 18, 2023. The dial-in details are as
follows:
US:+1-855-883-1031
International:+61-7-3107-6325
Hong Kong:
800-930-639
Mainland China: 400-120-9216
Passcode:
10030318

10Additionally, a live and archived webcast of the conference call will also be available on the
JD.com’s investor relations website at http://ir.jd.com.
About JD.com
JD.com is a leading supply chain-based technology and service provider. The company’s cuttingedge retail infrastructure seeks to enable consumers to buy whatever they want, whenever andwherever they want it. The company has opened its technology and infrastructure to partners,
brands and other sectors, as part of its Retail as a Service offering to help drive productivity andinnovation across a range of industries.
Non-GAAP Measures
In evaluating the business, the company considers and uses non-GAAP measures, such as nonGAAP income/(loss) from operations, non-GAAP operating margin, non-GAAP net income/(loss)
attributable to the company’s ordinary shareholders, non-GAAP net margin, free cash flow, nonGAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income/(loss) per share and nonGAAP net income/(loss) per ADS, as supplemental measures to review and assess operating
performance. The presentation of these non-GAAP financial measures is not intended to beconsidered in isolation or as a substitute for the financial information prepared and presented inaccordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”). The company defines non-GAAP income/(loss) from operations as income/(loss) fromoperations excluding share-based compensation, amortization of intangible assets resulting fromassets and business acquisitions, effects of business cooperation arrangements, gain on sale ofdevelopment properties and impairment of goodwill and intangible assets. The company defines
non-GAAP net income/(loss) attributable to the company’s ordinary shareholders as net income/(loss) attributable to the company’s ordinary shareholders excluding share-based compensation,amortization of intangible assets resulting from assets and business acquisitions, effects of businesscooperation arrangements and non-compete agreements, gain/(loss) on disposals/deemed disposals
of investments and others, reconciling items on the share of equity method investments, loss/(gain) from fair value change of long-term investments, impairment of goodwill, intangible assets
and investments, gain in relation to sale of development properties and tax effects on non-GAAP
adjustments. The company defines free cash flow as operating cash flow adjusting the impact fromJD Baitiao receivables included in the operating cash flow and capital expenditures, net of theproceeds from sale of development properties. Capital expenditures include purchase of property,
equipment and software, cash paid for construction in progress, purchase of intangible assets andland use rights. The company defines non-GAAP EBITDA as non-GAAP income/(loss) fromoperations plus depreciation and amortization excluding amortization of intangible assets resulting
from assets and business acquisitions. Non-GAAP basic net income/(loss) per share is calculated by
dividing non-GAAP net income/(loss) attributable to the company’s ordinary shareholders by theweighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net
income/(loss) per share is calculated by dividing non-GAAP net income/(loss) attributable to thecompany’s ordinary shareholders by the weighted average number of ordinary shares and dilutive
potential ordinary shares outstanding during the periods, including the dilutive effect of share-based
awards as determined under the treasury stock method. Non-GAAP net income/(loss) per ADS isequal to non-GAAP net income/(loss) per share multiplied by two.

11

The company presents these non-GAAP financial measures because they are used by management
to evaluate operating performance and formulate business plans. Non-GAAP income/(loss) fromoperations, non-GAAP net income/(loss) attributable to the company’s ordinary shareholders andnon-GAAP EBITDA reflect the company’s ongoing business operations in a manner that allows
more meaningful period-to-period comparisons. Free cash flow enables management to assess
liquidity and cash flow while taking into account the impact from JD Baitiao receivables includedin the operating cash flow and the demands that the expansion of fulfillment infrastructure andtechnology platform has placed on financial resources. The company believes that the use of the
non-GAAP financial measures facilitates investors to understand and evaluate the company’s
current operating performance and future prospects in the same manner as management does, if
they so choose. The company also believes that the non-GAAP financial measures provide useful
information to both management and investors by excluding certain expenses, gain/loss and otheritems that are not expected to result in future cash payments or that are non-recurring in nature or
may not be indicative of the company’s core operating results and business outlook.
The non-GAAP financial measures have limitations as analytical tools. The company’s nonGAAP financial measures do not reflect all items of income and expense that affect the company’s
operations or not represent the residual cash flow available for discretionary expenditures. Further,
these non-GAAP measures may differ from the non-GAAP information used by other companies,
including peer companies, and therefore their comparability may be limited. The company
compensates for these limitations by reconciling the non-GAAP financial measures to the nearest
U.S. GAAP performance measure, all of which should be considered when evaluating performance.
The company encourages you to review the company’s financial information in its entirety and not
rely on a single financial measure.
CONTACTS:
Investor Relations
Sean Zhang+86 (10) 8912-6804
IR@JD.com
Media Relations+86 (10) 8911-6155
Press@JD.com

12

Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safeharbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forwardlooking statements can be identified by terminology such as “will,” “expects,” “anticipates,”“future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Amongother things, the business outlook and quotations from management in this announcement, as well
as JD.com’s strategic and operational plans, contain forward-looking statements. JD.com may also
make written or oral forward-looking statements in its periodic reports to the U.S. Securities andExchange Commission (the “SEC”), in announcements made on the website of the Hong Kong
Stock Exchange, in its annual report to shareholders, in press releases and other written materials
and in oral statements made by its officers, directors or employees to third parties. Statements thatare not historical facts, including statements about JD.com’s beliefs and expectations, are forwardlooking statements. Forward-looking statements involve inherent risks and uncertainties. A numberof factors could cause actual results to differ materially from those contained in any forwardlooking statement, including but not limited to the following: JD.com’s growth strategies; its
future business development, results of operations and financial condition; its ability to attract andretain new customers and to increase revenues generated from repeat customers; its expectations
regarding demand for and market acceptance of its products and services; trends and competition in
China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected
growth of the Chinese e-commerce market; laws, regulations and governmental policies relating
to the industries in which JD.com or its business partners operate; potential changes in laws,
regulations and governmental policies or changes in the interpretation and implementation of laws,
regulations and governmental policies that could adversely affect the industries in which JD.com
or its business partners operate, including, among others, initiatives to enhance supervision ofcompanies listed on an overseas exchange and tighten scrutiny over data privacy and data security;
risks associated with JD.com’s acquisitions, investments and alliances, including fluctuation in
the market value of JD.com’s investment portfolio; impact of the COVID-19 pandemic; natural
disasters and geopolitical events; change in tax rates and financial risks; intensity of competition;and general market and economic conditions in China and globally. Further information regardingthese and other risks is included in JD.com’s filings with the SEC and the announcements on thewebsite of the Hong Kong Stock Exchange. All information provided herein is as of the date ofthis announcement, and JD.com undertakes no obligation to update any forward-looking statement,
except as required under applicable law.

13

JD.com, Inc.
Unaudited Interim Condensed Consolidated Balance Sheets(In millions, except otherwise noted)

December 31,
2022
RMB

As of
March 31,2023
RMB

March 31,2023
US$78,861
6,254
141,095

74,373
6,397
122,440

10,830931
17,82920,576
3,838
77,94915,156
6,142
1,203

15,583
2,914
63,29914,762
5,347
—

2,269
424
9,217
2,149
779
—

Total current assets

351,074

305,115

44,428Non-current assets
Property, equipment and software, net
Construction in progress
Intangible assets, net
Land use rights, net
Operating lease right-of-use assets
Goodwill
Investment in equity investees
Investment securities
Deferred tax assets
Other non-current assets

55,08011,161
9,139
33,84822,267
23,12357,641
11,611
1,536
18,77057,296
9,805
8,798
33,93921,98323,12357,121
10,476
1,460
21,920

8,343
1,428
1,281
4,942
3,201
3,367
8,317
1,525
213
3,192

Total non-current assets

244,176

245,92135,809Total assets

595,250

551,036

80,237ASSETS
Current assets
Cash and cash equivalents
Restricted cash
Short-term investments
Accounts receivable, net   (including JD Baitiao of RMB3.1 billion   and RMB1.8 billion as of December 31, 2022   and March 31, 2023, respectively)(1)Advance to suppliers
Inventories, net
Prepayments and other current assets
Amount due from related parties
Assets held for sale14

JD.com, Inc.
Unaudited Interim Condensed Consolidated Balance Sheets(In millions, except otherwise noted)
December 31,
2022
RMB

As of
March 31,2023
RMB

March 31,2023
US$

LIABILITIESCurrent liabilities
Short-term debts
Accounts payable
Advance from customers
Deferred revenues
Taxes payable
Amount due to related parties
Accrued expenses and other current liabilities
Operating lease liabilities
Liabilities held for sale

12,146160,607
33,713
3,351
5,926
488
42,5707,688
72

14,280
121,432
29,938
2,355
3,592
259
44,361
7,964
—

2,079
17,682
4,359
343
523
38
6,459
1,160
—

Total current liabilities

266,561

224,181

32,643

Non-current liabilities
Deferred revenues
Unsecured senior notes
Deferred tax liabilities
Long-term borrowings
Operating lease liabilities
Other non-current liabilities

1,107
10,224
6,511
20,00914,9781,737

1,001
10,091
6,344
19,245
14,493
1,676

146
1,469
924
2,802
2,110
245

Total non-current liabilities

54,56652,8507,696

Total liabilities

321,127

277,031

40,339

590

592

86

SHAREHOLDERS’ EQUITY
Total JD.com, Inc. shareholders’ equity   (US$0.00002 par value, 100,000 million   shares authorized, 3,180 million shares issued   and 3,133 million shares outstanding as of   March 31, 2023)
Non-controlling interests

213,366
60,167

211,506
61,90730,798
9,014

Total shareholders’ equity

273,533

273,41339,812

Total liabilities, mezzanine equity andshareholders’ equity

595,250

551,036

80,237MEZZANINE EQUITY(1) JD Technology performs credit risk assessment services for JD Baitiao business and absorbs thecredit risk of the underlying Baitiao receivables. Facilitated by JD Technology, the company
periodically securitizes Baitiao receivables through the transfer of those assets to securitizationplans and derecognizes the related Baitiao receivables through sales type arrangements.
15

JD.com, Inc.
Unaudited Interim Condensed Consolidated Statements of Operations(In millions, except per share data)
For the three months ended
March 31,
March 31,
March 31,
2022
2023
2023
RMB
RMB
US$
Net revenues
Net product revenues
Net service revenues

204,416
35,239195,564
47,39228,476
6,901

Total net revenues

239,655

242,956

35,377(206,209)(15,486)(8,705)(4,384)(2,462)—(206,938)(15,371)(8,005)(4,186)(2,501)
472(30,133)(2,237)(1,166)
(610)
(364)
69

Income from operations(2)(3)

2,409

6,427

936

Other income/(expenses)
Share of results of equity investees
Interest expense
Others, net(4)(1,081)(345)(3,898)

(821)
(590)
2,792

(120)
(86)
407

Income/(Loss) before tax
Income tax expenses(2,915)
(603)

7,808
(1,609)

1,137
(234)

Net income/(loss)(3,518)

6,199

903

(532)

(62)

(9)

5

—

—

Net income/(loss) attributable to the company’s
ordinary shareholders(2,991)

6,261

912

Net income/(loss) per share:
Basic
Diluted(0.96)(0.96)

1.99
1.96

0.29
0.29

Net income/(loss) per ADS:
Basic
Diluted(1.92)(1.92)

3.99
3.93

0.58
0.57

Cost of revenues
Fulfillment
MarketingResearch and development
General and administrative
Gain on sale of development properties

Net loss attributable tonon-controlling interests shareholders
Net income attributable to mezzanine
equity classified as non-controllinginterests shareholders

16

JD.com, Inc.
Unaudited Interim Condensed Consolidated Statements of Operations(In millions, except per share data)
For the three months ended
March 31,
March 31,
March 31,
2022
2023
2023
RMB
RMB
US$
(2) Includes share-based compensation expenses as follows:
Cost of revenues
Fulfillment
MarketingResearch and development
General and administrative

(32)
(227)
(149)
(415)
(1,028)

(37)
(199)
(135)
(332)
(771)

(5)
(29)
(20)
(48)
(113)

(3) Includes amortization of business cooperation arrangement and intangible assets resulting fromassets and business acquisitions as follows:
Fulfillment
MarketingResearch and development
General and administrative

(73)
(217)
(38)
(64)

(105)
(219)
(90)
(32)

(15)
(32)
(13)
(5)

(4) Others are other non-operating income/(loss), primarily consist of gains/(losses) from fairvalue change of long-term investments, gains/(losses) from business and investment disposals,
impairment of investments, government incentives, foreign exchange gains/(losses), interest
income and gains/(losses) from fair value change of short-term investments.

17

JD.com, Inc.
Unaudited Non-GAAP Net Income Per Share and Per ADS(In millions, except per share data)
For the three months ended
March 31,
March 31,
March 31,
2022
2023
2023
RMB
RMB
US$
Non-GAAP net income attributable tothe company’s ordinary shareholders

4,032

7,591

1,105

Weighted average number of shares:
Basic
Diluted
Diluted (Non-GAAP)

3,116
3,116
3,188

3,139
3,180
3,180

3,139
3,180
3,180

Non-GAAP net income per share:
Basic
Diluted

1.29
1.26

2.42
2.38

0.35
0.35

Non-GAAP net income per ADS:
Basic
Diluted

2.59
2.53

4.84
4.76

0.70
0.69

18

JD.com, Inc.
Unaudited Interim Condensed Consolidated Statements of Cash Flows and Free Cash Flow
(In millions)
For the three months ended
March 31,
March 31,
March 31,
2022
2023
2023
RMB
RMB
US$
Net cash used in operating activities
Net cash provided by investing activities
Net cash provided by financing activities
Effect of exchange rate changes on cash,
cash equivalents and restricted cash

(3,485)
4,562
12,695(21,607)
16,692
1,255(3,146)
2,431
183

(459)

(726)

(106)

13,313(4,386)(638)

76,69385,156

12,399Net increase/(decrease) in cash,
cash equivalents and restricted cash
Cash, cash equivalents and restricted cash
at beginning of period, including cash
and cash equivalents classified within
assets held for saleLess: cash, cash equivalents, and restrictedcash classified within assets held for saleat beginning of period
Cash, cash equivalents, and restricted cash
at beginning of period

—

(41)

(5)

76,693

85,115

12,394

Cash, cash equivalents and restricted cash
at end of period

90,00680,77011,761(3,485)(21,607)(3,146)

Net cash used in operating activities
Less: Impact from JD Baitiao receivables
included in the operating cash flow
Less: Capital expenditures, net of related
sales proceeds
Capital expenditures for development  properties
Other capital expenditures(1,734)

(582)

(85)

(2,676)(902)(2,145)(1,068)

(312)
(156)

Free cash flow

(8,797)(25,402)(3,699)19

JD.com, Inc.
Supplemental Financial Information and Business Metrics

Free cash flow (in RMB billions) — trailingtwelve months (“TTM”)
Inventory turnover days(5) — TTM
Accounts payable turnover days(6) — TTM
Accounts receivable turnover days(7) — TTM

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023

27.2
30.2
45.0
3.2

27.7
31.5
49.4
3.6

25.8
31.7
50.4
4.0

35.6
33.2
52.5
4.5

19.0
32.4
51.3
4.8

(5) TTM inventory turnover days are the quotient of average inventory over the immediately
preceding five quarters, up to and including the last quarter of the period, to cost of revenues ofretail business for the last twelve months, and then multiplied by 360 days.
(6) TTM accounts payable turnover days are the quotient of average accounts payable for retailbusiness over the immediately preceding five quarters, up to and including the last quarter ofthe period, to cost of revenues of retail business for the last twelve months, and then multipliedby 360 days.
(7) TTM accounts receivable turnover days are the quotient of average accounts receivable overthe immediately preceding five quarters, up to and including the last quarter of the period, tototal net revenues for the last twelve months and then multiplied by 360 days. Presented are theaccounts receivable turnover days excluding the impact from JD Baitiao.

20

JD.com, Inc.
Unaudited Reconciliation of GAAP and Non-GAAP Results(In millions, except percentage data)
For the three months ended
March 31,
March 31,
March 31,
2022
2023
2023
RMB
RMB
US$
Income from operations
Add: Share-based compensation
Add: Amortization of intangible assets
resulting from assets and businessacquisitions
Add: Effects of business cooperation
arrangements
Reversal of: Gain on sale of development
properties

2,409
1,851

6,427
1,474

936
215

258

336

49

134

110

16

—

(472)

(69)

Non-GAAP income from operations

4,652

7,875

1,147

Add: Depreciation and other amortization

1,414

1,624

236

Non-GAAP EBITDA

6,066

9,499

1,383

239,655

242,956

35,377

Non-GAAP operating margin

1.9%

3.2%

3.2%

Non-GAAP EBITDA margin

2.5%

3.9%

3.9%

Total net revenues21

JD.com, Inc.
Unaudited Reconciliation of GAAP and Non-GAAP Results(In millions, except percentage data)
For the three months ended
March 31,
March 31,
March 31,
2022
2023
2023
RMB
RMB
US$
Net income/(loss) attributable to thecompany’s ordinary shareholders
Add: Share-based compensation
Add: Amortization of intangible assets
resulting from assets and businessacquisitions
Add: Reconciling items on the share ofequity method investments(8)Add: Impairment of goodwill, intangible
assets, and investments
Add/(Reversal of): Loss/(Gain) from fairvalue change of long-term investments
Reversal of: Gain on sale of development
properties
Add/(Reversal of): Net loss/(gain) on
disposals/deemed disposals ofinvestments and others
Add: Effects of business cooperation
arrangements and non-competeagreements(Reversal of)/Add: Tax effects on
non-GAAP adjustments
Non-GAAP net income attributable tothe company’s ordinary shareholders
Total net revenues
Non-GAAP net margin(2,991)
1,593

6,261
1,256

912
183

198

222

32

389

840

122

—

26

4

1,234

(876)

(128)

—

(364)

(53)

3,549

(21)

(3)

123

110

16

(63)

137

20

4,032

7,591

1,105

239,655

242,956

35,377

1.7%

3.1%

3.1%

(8) To exclude the GAAP to non-GAAP reconciling items on the share of equity method
investments, and share of amortization of intangibles not on their books.

22